The Bank of Ghana recently hosted a seminar discussing the importance of more than just infrastructure when it comes to building a robust payment system in Ghana and throughout Africa. Governor Dr. Johnson Asiama emphasized the need for policy coherence and regulatory agility to work hand-in-hand in order to achieve an efficient payment system.
In today’s rapidly evolving digital age, simply having the physical infrastructure in place is not enough. It is crucial for governments, regulators, and innovators to come together in a shared testing environment to ensure that the payment system is vigorous and effective. One such tool mentioned by Governor Asiama is the use of multi-regulator sandboxes, which allow for collaboration and innovation in a controlled environment.
In addition, Supervisory Technologies (SupTech) can play a key role in enhancing real-time compliance monitoring, cross-border data flows, and information sharing. By staying proactive in shaping international digital standards and digital trade agreements, Ghana and other African countries can promote interoperability and trust in the payment system.
Governor Asiama made it clear that while discussing systems and standards, it is important to remember the real human impact behind these reforms. Whether it’s a single mother receiving remittances, a young entrepreneur seeking payment channels for exports, or a regulator ensuring innovation does not compromise resilience, these are the lives that must be at the center of the work being done.
The seminar, which included senior officials from the International Monetary Fund African Department and the World Bank, will conclude today with an emphasis on engaging in open, forward-looking, and critical dialogue. By taking a holistic approach to building a robust payment system, Ghana and other African countries can ensure that it meets the needs of the people it
Ghanaflare.com
